Los Angeles City Employees' Retirement System

Chief Investment Officer Rodney June leads the investment program, reporting through General Manager Todd Bouey to a Board of Administration. The board, chaired by President Annie Chao, retains ultimate fiduciary authority over asset allocation, investment policy, and manager selection. Board Commissioner Sung Won Sohn, a former chief economist at Wells Fargo, provides additional macroeconomic perspective on portfolio strategy.

LACERS is one of two major municipal pension funds covering City of Los Angeles employees. It serves civilian city workers, while the Los Angeles Fire and Police Pensions (LAFPP) covers sworn public safety personnel. The two systems coordinate on certain investment initiatives and have collaborated on local ballot measures, including Measure FF, a joint pension funding measure.

LACERS primarily deploys capital through external fund managers across private equity, private credit, real estate, and real assets. The system participates in both fund commitments and co-investment vehicles, but it does not operate a large in-house direct-investment team. This contrasts with peer public plans that have built internal direct capabilities for large-scale infrastructure and real estate transactions.

The private-markets portfolio spans buyout, growth equity, venture capital, distressed debt, mezzanine lending, CLOs, secondaries, and special situations. Real assets commitments have included industrial, residential, commercial, and mixed-use real estate vehicles alongside global timber partnerships.